April – June 2015
• Net sales increased by 22 %, where of 9 % organically, to SEK 3,660 million
• Operating profit was SEK 187 million (151)
• The operating margin was 5.1 % (5.1)
• Adjusted for specific costs*, the operating profit was SEK 203 million (161) and the operating margin was 5.6 % (5.4)
• Earnings after tax were SEK 61 million (80)
• Cash flow from operating activities was SEK 59 million (50)
• Net debt was SEK 2,675 million
• Three acquisitions were closed with combined annual sales of approximately SEK 750 million
• Bravida Finland was formed through the acquisition of the installation part of Peko Group; Marcus Karsten has been appointed Manager of Bravida Finland
• Profit per share was SEK 0.15 (0.20)
January – June 2015
• Net sales increased by 20 %, where of 7 % organically, to SEK 6,985 million
• Operating profit was SEK 339 million (296)
• The operating margin was 4.9 % (5.1)
• Adjusted for specific costs*, operating profit was SEK 375 million (308) and the operating margin was 5.4 % (5.3)
• Earnings after tax were SEK 123 million (104).
• Cash flow from operating activities was SEK 347 million (323).
• Seven acquisitions were closed with combined annual sales of approximately SEK 1,000 million
• Profit per share was SEK 0.30 (0.26)
Bravida continues to deliver strong growth and improved earnings while we are strengthening and developing our market position both organically and through acquisitions. Net sales increased by 22 per cent during the second quarter and by 20 per cent in the first six months. Organic growth was nine per cent in the second quarter and seven per cent in the last six months. Overall, we continued to outgrow the market.
The adjusted operating profit increased by 26 per cent in the quarter, which meant that the adjusted operating margin was 5.6 per cent. The corresponding figures for the first half of the year were an increase of 22 per cent and an adjusted operating margin of 5.4 per cent. The existing operations continue to improve the margins, which is evidence that our strategic improvement work is bearing fruit, while orders are at record levels. This provides an excellent position for the development of billing for the rest of the year.
We have reached a significant milestone in Bravida's development in the second quarter. Through two major acquisitions in Finland, Peko Group in central Finland and Halmesvaara in the Helsinki region, we have laid the foundations for a new Finnish division. We are thus following our strategic plan of being the leading provider of multi-technical services in the Nordic region.
In addition to the Finnish acquisitions, Bravida acquired a number of Swedish companies in order to strengthen the company’s market position and have complete offering in specific locations. We are also devoting significant efforts to integrating the newly-acquired companies so as to realise the synergies from each acquisition.
Our new agreement with Facebook, the third phase, means that we have been selected as general contractor. This confirms the market trend, that our installation services are becoming increasingly complex and more integrated, which means that more customers want us to take leading roles in projects and that we are moving up the value chain.
Overall, we are strengthening our position and exploiting the opportunities that exist in the growing market for installation and service. With good continuing demand for service and maintenance, public sector building, infrastructure projects and homes, as well as low interest rates, we continue to have a positive view of the market.
Mattias Johansson, Stockholm, July 2015
The report is available at the corporate website: www.bravida.com/en/Financial-information/
Bravida Holding AB publishes this interim report in compliance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication at 11.30 on 21 July 2015.